Credit bureaus help financial institutions to make the right financial decisions. This is because credit bureaus provide them with credit reports of customers. And the credit reports highlight the financial behaviours of individuals. Therefore, the financial institutions will decide reliable individuals they could lend their money to. Some individuals apply for personal loans or business loans even when they don’t have an excellent credit history. XDS DATA is one of the credit bureaus in Ghana. About XDS DATA, the products and services they offer are all-inclusive in this.
About XDS DATA
XDSDATA is an information solutions company that is in Accra, Ghana. In West Africa, they are the first to gain license as a credit reporting bureau. They set up the company to assist lenders in the critical areas of their operations. By the provision of timely and reliable credit information. They designed it to meet the needs of credit markets.
What are the products of XDS DATA?
XDS DATA offers services to financial institutions that operate in Ghana.
The following are the products of XDS DATA in Ghana:
1. OCRB
This product allows financial institutions to take control of their business’s credit report. Besides that, this will help them aid bank financing for their businesses.
The Ghana’s credit reporting Act, 2007 (Act 726) states that financial institutions must check your credit report. Especially before deciding to lend or refuse a loan to a business. More so, they must report your performance on the business loan to a licensed credit bureau monthly. And XDS DATA Ghana Limited is among those credit bureaus.
There are some situations whereby a bank may report credit information that does not belong to your business. Or the report may not contain updates that reflect your business loan performance.
You can access your business credit report with an introductory price of just Gh¢1.00 or less per day.
Their team contact is +233(0)50-7186-922.
2. Batch report
This is where financial institutions manage their loan book with a batch report. It is also where they process large volumes of customer information simultaneously at database level.
They have the following under batch report:
- Account management
- Risk minimization
- Strategy bound
- Analytical dashboard
- Cost reduction
- Foresight
- Cost saving
- Full integration
3. Web services
They have web services that allow their clients to integrate their credit application engine directly with XDSDATA’s system. This will help their banking systems to access credit reports directly. Besides that, it allows them to generate reports faster and more conveniently than doing so from XDS DATA online portal. It reduces turnaround time for decision making, therefore; it saves time.
4. Consumer reports
They created this product in order to provide answers to the following questions that form their objectives:
- Should they grant the Consumer Credit or not?
- They should offer What Credit Limit?
- They should offer What Interest Rate?
Having in mind the above objectives, the report therefore will carry the following information:
1. Personal details summary
In the personal details summary is where you will find the most recent personal information on the consumer from the Credit Providers.
2. Credit account summary table
This credit account summary table shows a summary of facilities that they take from credit provider(s). You get to see the list of the total amount of debt and monthly installments in major trading currencies.
3. Highest reported month in arrears
This comprises a listing of the highest number of consecutive payments they miss. And this cuts across all the accounts over the last 24 months.
4. Detailed credit facility table
The total number of facilities taken is what this table lists. Also, it bears the company with whom they took the facility, the initial credit limit they offered. It also contains the current balance, installment amount, and the last payment date.
5. Monthly payment behavior grid
This grid helps to evaluate a consumer’s payment behavior over the last 24 months. Each number on the grid represents the number of months in arrears. It helps them to determine how recent the information is. A grid with ‘#’ shows that they have submitted no data for that month.
Note: The grid also helps in determining the likelihood of default.
6. Business enquiry report
This product helps to cater for the following questions:
- How long has the Business existed?
- What are the Address and Contact Details of the Business?
- How many Directors does the Business Contain?
- Facility Behavior Summary
- Should they grant Business Credit or not?
- They should offer What Credit Limit?
- They should offer What Interest Rate?
7. MobiXDS
Individual borrowers can easily access their credit information with their mobile phones. This is what the MobiXDS SMS service enables them to do.
8. Risk Analysis
This product offers a complete, innovative and accurate risk analysis of enterprises for valuation and other purposes.
A company’s basic risk rating requires the following information:
- Company information
- Tax information
- Company structure
- Trade references
- Adverse information
- Auditor’s information
- Bank information
- Director information, etc.
What are XDS Data contact details?
- Address: 15 North St. Tesano – Accra, Ghana. P.O Box YK 895 Kanda Digital Address: GA-206-1314
- Phone number: +233 202-013-057 | +233 278-858-255 | +233 269-830-192
- Email address: info@xdsdata.com dispute@xdsdata.com
Conclusions
The role credit bureaus play is essential. This is because, without them, financial institutions could always lend money to individuals who cannot repay their loans. And this could unfortunately shutdown some financial institutions, especially the startups. XDS DATA Ghana Limited offers products and services that help financial institutions to thrive in their businesses. Therefore, the full utilization of these products and services will ultimately enable financial institutions to thrive in their businesses.
Read also:
How to improve your credit score in Ghana